Good morning, everyone, and welcome to Thursday morning. It’s Stephen Whiteside here from TheUpTrend.com. In the pre market this morning, stock index futures and commodities are fairly quiet. We do have some economic numbers coming out at 8:30 this morning, housing starts and jobless claims, and they could certainly help change the direction of the market. Now, yesterday everybody had a positive reaction to the CPI numbers and we saw the VIX come down sharply, a big drop for the US dollar. We saw bitcoin get back on a buy signal. Unfortunately, ethereum is not joining at the moment. We saw a big up move for bonds yesterday. So there’s the TLT, there’s the XBB. So of course bond prices rising puts downward pressure on yields. We did see commodities move higher, especially the metals. We had new high for copper. Gold moved up yesterday. And silver had a nice big move up heading towards the highs from back in April. What didn’t work yesterday? Well, retail numbers also came out on Wednesday and we’ve got a pullback here. So it could be a buy the rumor, sell the news type situation. Now, yesterday the major us indices made higher highs.
A new high for the Dow, new high for the S&P 500, new high for the Nasdaq 100. Still having nice up moves yesterday, but not making new highs. We’ve got the Russell 2000 and we’ve got small caps and we’ve got micro capsule all moving up nicely on Wednesday. Now, the chip sector was also up on the day. Looking at the SMH, we were up 3% on Wednesday. So nice big up move there. Taking out the highs from April. Heading towards the highs from early March. Moving on to the canadian market. Not much going on there on Wednesday. The ice here for the TSX 60 were up three cents at the end of the day, again closing at the upper channel line. If something were to happen on Thursday, we need to close below $33.58 to give us a new sell signal. New closing high for the venture exchange. For this move, we had a new closing high for financials. Bank stocks are stuck at resistance and at the top of an open gap. So both of those things are holding the bank stocks in check at the moment. We’ve got a new closing high for gold stock stocks.
Anything mining related probably made a new high yesterday. And then we’ve got utilities making a new high on Wednesday. Looking at the most actives from Wednesday’s trading action on the TSX, we saw Enbridge back in the channel for the second day looking for a close below $50.21. We had Suncor dip into the channel yesterday, a close below 50 311 would give us a new daily sell signal. We’ve got Manulife still up at resistance. No change there. New low for this move for Cenovus, no change in trend. A big pullback for BlackBerry yesterday. It’s one of the meme stocks right now. If you had a bought it back there you would have looked up and there was your price targets. 4.69 5.08 were the first two. Both of those got hit the other day. Now you’re sitting with a partial position just waiting to get kicked out. And on Thursday that would happen with a close below $4.02. Looking at the TD Bank, we’re struggling in the channel here. We’re down slightly yesterday looking for a close on Thursday above $78.24. Caliber Mining dipped down through the channel but then ended the day making a new high for this move.
Then looking at Great West Life, we pulled back into the channel, bouncing off the lower channel line. So a close below $42.18 would give us a sell signal on Thursday. No joy for Sun Life. Still on a sell signal here. New low for Baytex yesterday. No change in trend. And we do have Barrick on a buy signal right now, but it’s certainly not trending higher quickly. Looking to see if we can close above the recent high from late April. Let’s finish off taking a look at the most actives from Wall street. And the list is basically overloaded with meme stocks. Starting off with AMC and then you’ve got plus power, you’ve got GameStop, you’ve got Sunpower pulling back and it certainly ran up, hit a few of its targets on Tuesday. So congratulations to anyone who got orders filled up there. Similar situation for BlackBerry. We’re looking for a close on Thursday below $2.93. Tesla has been in the channel for the past couple of days looking for a close above $178.66 on Thursday to give us a buy signal for Tesla. NIO trading down into the channel, a close below $5.12 would give us a sell signal for Lucid.
We’re looking for a close below $2.66. We did get up and hit the 3.13 level so you got a chance to lock in some profits up there. Then looking at Sofi. Sofi moving down yesterday looking for a close on Thursday below $7.01. And then last up, Apple making a new high for this move. Okay folks, that is all for this morning’s presentation. It’s still quiet out there ahead of those economic numbers coming out at 8:30. It was quite a positive reaction to the CPI numbers yesterday, and of course that was able to push the US markets higher so we could lock in some more profits. A lot of profit targets were hit on Wednesday. Enjoy the rest of your day. Next time you’ll hear my voice is on Friday morning.
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Stephen Whiteside
TheUpTrend.com
Thursday, May 16, 2024
